Real estate agencies

NACE v2.0 Code: L68.31

About real estate agencies

NACE code 68.31 covers the activities of real estate agencies, a crucial sector within the broader real estate industry. Real estate agencies play a vital role in facilitating the buying, selling, and renting of residential and commercial properties, connecting buyers and sellers, and providing essential services to individuals and businesses. This industry is a significant contributor to the economy, supporting various related sectors such as construction, finance, and professional services.

Production process

The primary activities of real estate agencies involve listing properties for sale or rent, marketing these properties to potential buyers or tenants, arranging viewings, negotiating transactions, and handling the necessary paperwork and legal requirements. Real estate agents utilize a range of marketing techniques, including online listings, print advertising, and networking, to reach a wide pool of clients. They also provide advisory services, offering guidance on market trends, property valuations, and legal and financial considerations.

Production inputs

Real estate agencies rely on a variety of inputs to operate effectively. These include access to property listings, either through their own databases or through industry-wide platforms. Agents also require strong knowledge of the local real estate market, including current prices, demand, and regulatory frameworks. Additionally, real estate agencies need to maintain a skilled workforce of agents and support staff, as well as invest in technology and tools to streamline their operations.

Production outputs

The primary output of the real estate agency industry is the successful facilitation of property transactions, whether for sale or rent. These transactions generate commissions and fees for the agencies, which can then be reinvested into the business or contribute to the broader economy. The properties sold or rented through real estate agencies are then consumed by various other NACE codes, such as 68.10 Real estate activities with own or leased property, 68.20 Renting and operating of own or leased real estate, and 41.10 Development of building projects.

Revisions to 68.31

Classification codes are adjusted frequently. The code may have been revised or replaced between system versions. The table below shows the history (newest to oldest) of the code 68.31. The most recent 3 versions of this code (68.31) is in the NACE v2.1 system:

This page shows a legacy version of code 68.31 ( NACE v2.0).

Related ISIC Codes

These isic codes are related to this econ code: (68.31).

ISIC code ISIC Version ISIC title
6820ISIC v4.0Real estate activities on a fee or contract basis

Related CPC Codes

These CPC codes are related to this econ code: (68.31).

CPC code CPC Version CPC title
72211CPC v2.1Residential property management services on a fee or contract basis except of time-share ownership properties
72212CPC v2.1Non-residential property management services on a fee or contract basis
72213CPC v2.1Time-share property management services on a fee or contract basis
72221CPC v2.1Residential building sales on a fee or contract basis, except of time-share ownership properties
72222CPC v2.1Non-residential building sales on a fee or contract basis
72223CPC v2.1Sale of time-share properties on a fee or contract basis
72230CPC v2.1Land sales on a fee or contract basis
72240CPC v2.1Real estate appraisal services on a fee or contract basis

Family tree for real estate agencies

    graph LR
    A["<a href='/classifications/nace/v2/L'>L: REAL ESTATE ACTIVITIES</a>"]
A --> B["<a href='/classifications/nace/v2/L/68'>68: Real estate activities</a>"]
B --> C["<a href='/classifications/nace/v2/L/68/3'>68.3: Real estate activities on a fee or contract basis</a>"]
C --> D["<a href='/classifications/nace/v2/L/68/31'>68.31: Real estate agencies</a>"]

    C --> E["<a href='/classifications/nace/v2/L/68/32'>68.32: Management of real estate on a fee or contract basis</a>"]

    

    %% Color coordination by level

    classDef level1 color:#000,fill:#a8f9ff,stroke:#333,stroke-width:2px
    classDef level2 color:#000,fill:#e0a458,stroke:#333,stroke-width:1px
    classDef level3 color:#000,fill:#419d78,stroke:#333,stroke-width:1px
    classDef level4 color:#000,fill:#c04abc,stroke:#333,stroke-width:1px
    classDef level5 color:#000,fill:#f1c40f,stroke:#333,stroke-width:1px
    classDef level6 color:#000,fill:#f1c40f,stroke:#333,stroke-width:1px
    classDef highlight color:#000,fill:#fff,stroke:#000,stroke-width:5px



  %% Apply classes
  class A level1
class B level2
class C level3
class D level4
class E level4

  class D highlight

  %% class A level1
  %% class B,C level2
  %% class D,E,F,G,H,I level2
  %% class J,K,L,M,N,O,P level3
  %% class D highlight